Sitel reviewing unit 'irregularities,' to restate 2000-2004

GabrielMadway

SAN FRANCISCO (MarketWatch) -- Sitel Corp.
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said after Friday's closing bell it is reviewing irregularities at one of its international subsidiaries, including accounting errors and the failure to remit certain municipal taxes. The employees of the subsidiary, which the company did not name, may have engaged in unlawful activity, and Sitel has notified the Securities and Exchange Commission. Based on a preliminary review, the company expects to restate its results for fiscal years 2000 through 2004 and possibly for the first three quarters of fiscal 2005. Sitel estimates the total earnings impact, primarily related to 2000 through 2004, will be $5 million to $7 million. Sitel, an Omaha, Neb.-based provider of outsourced customer support solutions, said it may delay the filing of its 10-K for 2005, but said it expects to report fourth-quarter earnings of 8 cents to 10 cents a share on revenue of $290 million.

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